GBP/JPY Daily Outlook

Daily Pivots: (S1) 179.94; (P) 180.60; (R1) 181.63; More…

Intraday bias in GBP/JPY is turned neutral with the strong recovery from 178.02, and with 4H MACD crossed above signal line. Near term outlook stays bearish as long as 183.00 resistance holds. Break of 178.02 will resume the fall from 186.75 to 176.29 support. However, firm break of 183.00 will argue that the pull back has completed, and turn bias back to the upside.

In the bigger picture, fall from 186.75 is currently seen as a corrective move only. As long as 176.29 support holds, larger up trend from 123.94 (202 low) should still be in progress. Break of 186.75 will target 195.86 (2015 high). Nevertheless, firm break of 176.29 will confirm medium term topping, and bring lengthier and deeper consolidations.

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